How to save for retirement with no 401k plan at company?

[mila]

My husband is taking a new job offer at a start up that doesn’t have a 401k plan. Though it is something they are looking to get for 2019, until then, what options does he have to continue to save for retirement?

(He does have a 401k as he has always worked at companies that have offered this.)

[sadlebred]

Do you have a 401K at your job if you work? If so, consider contributing more to it. Are you eligible (within the income limits) for a ROTH? You can both open one and contribute $6000/each to it in 2019. That's a start and probably the simplest way to do things. I'm sure others will also have good ideas.

[HoneySpider]

I work PT so don't save through my employer, I contribute on my own to a Roth IRA.

[VillainV]

Neither H nor I have a 401k at work. We do Roth IRAs and have mutual funds that we contribute to monthly (dollar-cost-averaging).

[mila]

Our income doesn’t allow us to put towards a Roth IRA, but I do have both 401k and Roth 401k. I already max out my 401k, but can definitely contribute more to my Roth 401k to offset.
I hadn’t thought of that- thank you!

[minionkevin]

The $19k limit (increasing in 2019) for 401ks is total between both types, not $19k for traditional and $19k for Roth.
You can also contribute to a backdoor Roth or a non deductible traditional IRA

[mila]

Nov 19, 2018 13:53:59 GMT -5 minionkevin said:

The $19k limit (increasing in 2019) for 401ks is total between both types, not $19k for traditional and $19k for Roth.
You can also contribute to a backdoor Roth or a non deductible traditional IRA

Thanks. I know I can google backdoor Roth’s, but can you tell me how this can be done?

[minionkevin]

Nov 19, 2018 17:29:53 GMT -5 mila said:

Nov 19, 2018 13:53:59 GMT -5 minionkevin said:

The $19k limit (increasing in 2019) for 401ks is total between both types, not $19k for traditional and $19k for Roth.
You can also contribute to a backdoor Roth or a non deductible traditional IRA

Thanks. I know I can google backdoor Roth’s, but can you tell me how this can be done?

For 2019, contribute $6k to traditional IRA, convert to Roth IRA. If you convert immediately, you won’t owe any tax bc you won’t have any gains. Whether you can do this in a straightforward manner depends on how much, if any, you already have in traditional IRA funds (like rollover IRAs from previous employers you haven’t already paid taxes on/converted to Roth/contributed from the get-go as Roth). If you have any/some/a lot already in traditional IRAs, you have to convert oldest $ essentially and pay tax on gains.
www.investopedia.com/terms/b/backdoor-roth-ira.asp